UAE Potentially The Best Host For Expo 2020
- 16 November 2013
Effective integration into the global economy, openness to the outside world and influential role on the global trading map are important preconditions for countries competing to host World Expo 2020. The superiority of United Arab Emirates above its other contenders — Turkey, Russia and Brazil — would have played a crucial role in winning the Expo.
There are various indicators that point to the superiority of the UAE’s candidacy for hosting Expo2020. ‘TheEase of Doing Business 2014’ report published by the World Bank and the International Finance Corporation (IFC) ranks the UAE fourth in the world in ‘The Trading Across Borders’ category, while other competing countries in ‘Expo 2020’ stand far behind on this index. Turkey is placed in the 86th position, Brazil 124th position and Russia in the 157th position. The UAE enjoys a big lead of up to 82 positions against its nearest rival which demonstrates that the UAE has the perfect environment for successfully hosting the Expo.
The success of World Expo 2020 in achieving its goals will depend on a number of factors, the most important being the location of the host country on the global trading map, its economic and trade relations at both the regional and global levels, and the extent of effort the state extends to facilitate trade across borders, especially participants at the Expo, whether they are individual investors or major companies. The main aim of participation is to explore and access new markets; a prerequisite which the UAE claims to have in ample measure, given its advanced status in trade across the borders index, in addition to its place as a regional and global hub for trade and business and a gateway to regional markets.
This is supported by the UAE’s performance on indices of import and export procedures. The procedures followed in the UAE are not only similar to those followed in in many countries of the Organization for Economic Cooperation and Development (OECD), but surpass them. For example, export and import processes in the UAE take about 7 days, while similar procedures for export take 11 days and for import take 10 days in the OECD.
Moreover, ‘The2014 Doing Business’ report reveals that UAE has risen to the 23rd position globally in this important index. Also, the UAE stands among the top five ranking countries globally in five out of the report’s ten categories.
These indicators point to the safe climate in the UAE for investment and confirm the fact that its prospective hosting of the Expo will benefit both the Expo and its participants.